Former ND stockbroker, Haugen, pleads guilty to felonies

Haugen might avoid prison time if he comes up with $2.1 million in restitution by the end of the month.

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By Associated Press

Crookston Times - Crookston, MN

By Associated Press

Posted Jan. 11, 2013 at 10:00 AM

By Associated Press

Posted Jan. 11, 2013 at 10:00 AM

Grafton, N.D.

A former stockbroker accused of swindling six clients in North Dakota's Walsh County out of more than $2 million has pleaded guilty.

The Grand Forks Herald reports (http://bit.ly/11jkWUS ) that each of the seven felony counts against 59-year-old Ross Haugen of acting as an unregistered broker carries a maximum prison sentence of 10 years. But Haugen might avoid prison time if he comes up with $2.1 million in restitution by the end of the month.

Haugen faced similar charges in November 2011, pleaded guilty and avoided prison by paying about $185,000 in restitution. Prosecutor Barbara Whelan says she will not ask for prison time in the current case if Haugen makes restitution.